Represented by Senior Counsel Jimmy Yim and Mahesh Rai of Drew & Napier, Wiluan is out on court bail of S$250,000. Ho, who is represented by Chia Kok Seng of KSCGP Juris, is out on court bail of S$70,000. Both have also surrendered their passports.on Wednesday, Wiluan said:"My purchase of KS Energy shares were conducted with utmost transparency. As the shares were undervalued, my intention was to help smaller public shareholders who had acquired KS shares with their personal savings.
"All my share purchases in KS Energy were disclosed at the time of the transactions and publicly announced to SGX . I have never intended to create any false trading or market rigging transactions and have always abided by the rule of law. I am deeply saddened by these charges," Wiluan added. In 2017, Wiluan and his son Richard James Wiluan were interviewed by the Commercial Affairs Department in its investigations into the potential contravention of Section 197 of the Securities and Futures Act. At the time, the older Wiluan posted police bail and was released after his interview while his son was released without requiring bail.
The company told SGX in April 2017 that:"Both have informed the board that they have and will continue to cooperate fully in the investigations, including granting access to all their electronic data, IT equipment and data storage devices from January 2015." KS Energy added that it has not been approached by the CAD regarding its investigations.THE STRAITS TIMESFor daily updates on weekdays and specially selected content for the weekend.
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